The SEK has underperformed vs NOK, Nores Bank's tightening cycle is much more in the price than Riskbank's monetary tightening. we should be wary of a potential mechanical shift towards FX purchases by the Norges Bank as oil earnings pick up and the non-oil budget deficit diminishes; there is some potential for a significant move lower in NOK/SEK if these forces align. - HSBC Strategy
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